Press Release

DBRS Updates Interest in Arrears Designations for 23 Classes across Eight Transactions

CMBS

July 27, 2011

DBRS has today designated eighteen classes across six transactions as having Interest in Arrears. In addition, DBRS has removed the Interest in Arrears designation and confirmed the ratings on five classes across two transactions.

Please refer to the table below for a full list of transactions impacted by these actions.

DBRS continues to review its entire CMBS portfolio on a monthly basis. DBRS monitors each CMBS transaction on an individual basis for changes at the bond level and the collateral level. The results of DBRS’s monthly review are published in the Monthly CMBS Surveillance Report, which can be found at www.dbrs.com under Monthly Reports.

Note:
The applicable methodologies are CMBS Rating Methodology and CMBS North American Surveillance Methodology which can be found on our website under Methodologies.

Ratings

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class J	CCC (sf)	Stb	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class C	B (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class D	CCC (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class E	CCC (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class F	CCC (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class G	C (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class H	C (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class J	C (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class K	C (sf)	Stb	Int. in Arrears	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2004-LNB3, Class K	CCC (sf)	Stb	Int. in Arrears	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class G	C (sf)	--	Confirmed	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class H	C (sf)	--	Confirmed	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class J	C (sf)	--	Confirmed	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class K	C (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class E	CCC (sf)	Neg	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class F	CCC (sf)	Neg	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class G	C (sf)	Neg	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class H	C (sf)	Neg	Int. in Arrears	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-IQ16, Class K	CCC (sf)	Neg	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-IQ16, Class L	C (sf)	Neg	Int. in Arrears	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2007-TOP25, Class G	C (sf)	Stb	Int. in Arrears	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2004-C15, Class N	CCC (sf)	Stb	Int. in Arrears	US
27-Jul-11	Commercial Mortgage Pass-Through Certificates, Series 2004-C15, Class O	C (sf)	Stb	Int. in Arrears	US

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18

Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class J

Date Issued:Jul 27, 2011
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:Stb
Rating Recovery:
Issued:US

Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP26

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class C

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:B (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class D

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class E

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class F

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class G

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class H

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class J

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class K

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Stb
Rating Recovery:
Issued:US

COMM 2004-LNB3

Commercial Mortgage Pass-Through Certificates, Series 2004-LNB3, Class K

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Stb
Rating Recovery:
Issued:US

GE Commercial Mortgage Corporation, Series 2005-C1

Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class G

Date Issued:Jul 27, 2011
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class H

Date Issued:Jul 27, 2011
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class J

Date Issued:Jul 27, 2011
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2005-C1, Class K

Date Issued:Jul 27, 2011
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

Merrill Lynch Mortgage Trust 2005-CIP1

Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class E

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Neg
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class F

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Neg
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class G

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Neg
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1, Class H

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Neg
Rating Recovery:
Issued:US

Morgan Stanley Capital I Trust, Series 2007-IQ16

Commercial Mortgage Pass-Through Certificates, Series 2007-IQ16, Class K

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Neg
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2007-IQ16, Class L

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Neg
Rating Recovery:
Issued:US

Morgan Stanley Capital I Trust, Series 2007-TOP25

Commercial Mortgage Pass-Through Certificates, Series 2007-TOP25, Class G

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Stb
Rating Recovery:
Issued:US

Wachovia Bank Commercial Mortgage Trust, Series 2004-C15

Commercial Mortgage Pass-Through Certificates, Series 2004-C15, Class N

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:CCC (sf)
Trend:Stb
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2004-C15, Class O

Date Issued:Jul 27, 2011
Rating Action:Int. in Arrears
Ratings:C (sf)
Trend:Stb
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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